Krugman: A Crisis of Faith

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At www.nytimes.com

Auction-rate securities seemed as good as cash because they involve regular, well, auctions, held as often as once a week, in which investors wanting out sell their positions to investors wanting in. In principle, it was always possible for auctions to fail for lack of enough willing buyers — but that wasn’t ever supposed to happen. And the financial contagion is still spreading. What market is next?

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At www.nytimes.com


 

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